Key Points

"Chaired a meeting to discuss the roadmap for Next-Generation Reforms. We are committed to speedy reforms across all sectors, which will boost Ease of Living, Ease of Doing Business and prosperity," Prime Minister said in a post on X.

In his Independence Day address, PM Modi said the government has decided to constitute a task force for next-generation reforms.

"This task force will complete its work within a set timeframe. Current rules, laws, policies, and procedures must be re-drafted to suit the 21st century, to fit the global environment, and to align with the vision of making Bharat a developed nation by 2047. The task force has been created to accomplish this within the prescribed period," he had said.

"These reforms will give courage to all those who wish to shape their future. Be it our start-ups, our small industries, or our cottage industries, entrepreneurs will see a significant reduction in their compliance costs, which in turn will give them new strength. In the field of exports too, changes in logistics and systems will give them a major advantage," he added.

PM Modi had said the past decade has been one of Reform, Perform, and Transform.

"But now, we must add new strength to our efforts. In recent times, we have undertaken many reforms--whether in the field of FDI, in the insurance sector, in allowing global universities to establish campuses in Bharat. We have abolished more than 40,000 unnecessary compliances. Not only that, we have also scrapped over 1,500 obsolete laws. We have gone to Parliament to amend dozens of laws to simplify them, always placing the interests of the public first. This time too, amidst the ruckus, the news may not have reached people about a very significant reform that has taken place in the Income Tax Act," he said.

"We have decided to abolish more than 280 sections. And friends, our reforms are not limited to the economic front alone--we have also implemented reforms to make life easier for citizens. The promptness of income tax refunds is a result of reforms. Cashless assessments are a result of reforms. Exempting income up to Rs 12 lakh from income tax--this has brought great joy to my middle-class families, who are eager to contribute to nation-building. Never before did anyone imagine that income up to Rs 12 lakh could be entirely tax-free, but we have made it a reality today," he added.

PM Modi also talked of GST reforms and said this Diwali will be "double Diwali" for people.

"This Diwali, I am going to make it a double Diwali for you. This Diwali, you fellow countrymen are going to get a very big gift. In the last 8 years, we have done a big reform of GST, reduced the tax burden across the country, simplified the tax regime and after 8 years, the need of the hour is that we should review it once. We started the review by setting up a high-power committee and also held discussions with the states," he said.

"We are coming with the next generation of GST reforms, this will be a gift for you this Diwali, taxes needed by the common man will be reduced substantially, a lot of facilities will be increased. Our MSMEs, our small entrepreneurs, will get a huge benefit. Everyday items will become very cheap and that will also give a new boost to the economy," he added.

PM Modi pushed for self-reliance in various sectors.

He said that India's farmers, cattle rearers, and fishermen are our biggest priorities. "Modi is standing like a wall against any harmful policy related to the farmers of India, the fishermen of India and the cattle rearers of India. India will never accept any compromise regarding its farmers, its livestock farmers, its fishermen," he said.

India and the US have been negotiating a Bilateral Trade Agreement and Washington DC is keen on India giving more access to its farming and dairy sectors.

The United States has imposed 50 per cent tariff on Indian goods. After imposing 25 per cent tariff, US President Donald Trump announced 25 per cent more tariff on India for the import of Russian oil.

PM Modi said reform is a continuous process and reforms must be undertaken as per the demands of the times and prevailing circumstances.

The Prime Minister said India has opened the doors to nuclear energy to the private sector.

"In the field of nuclear energy, we have introduced major reforms. We have now opened the doors of nuclear energy to the private sector as well, we want to combine our strengths," he said.

- ANI